HM Revenue & Customs have made important changes to the rules when spouses/civil partners are separating and transferring assets between them. These rules will come into force on or after 6 April 2023.
The new measures formally published on 15 March 2023 provide that separating spouses/civil partners have up to three years, after the year of separation to make no gain or no loss transfers of assets. When assets and transferred/sold/disposed of as party of a formal divorce settlement called a consent order, then this time limit does not apply.
This measure brings in fairer Capital Gains Tax to spouses and civil partners. It provide more time to transfer assets following separation and is a very significant change to tax laws in the UK.
It is always beneficial to take legal (and financial advice) when separating to find out what your rights are and to ensure that a financial settlement is in line with your legal rights and fair to each party. We are family legal experts and can help you at every step of the way.
We offer a free half hour consultation. If we can help then please do not hesitate to contact us on 01274 861096 (Liversedge Office) or 01423 637272 (Harrogate Office) firstname.lastname@example.org